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NEO Analysis – Winter is coming

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Say hello to the Grim Reaper, who visitied the crypto market recently. It looks that he will stay here for longer. Demand for the cryptos died and hodlers should brace themselves for the winter, which is coming. Today we will start with the analysis of the NEO, previously mentioned on the 2nd of July. Surprisingly we had a buy signal back then:

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„Now, NEO is in a deep downtrend but most recently we do have few positive signals, actually one – the price broke the mid-term down trendline (black) and is today is going around 7% higher. The target for this movement is the green resistance around the 45 USD. The long-term sentiment remains negative but we see chances for a short-term bullish correction. „

What is even more surprising is that this signal worked! Or actually it is not surprising at all, because most of our analysis work. Anyway, the price indeed went higher and reached the horizontal resistance around the 45 USD. After this, we came back to the downtrend. In the meantime, the price created a symmetric triangle pattern (blue) and broke the horiozntal support on the 29 USD. Gates to hell opened yesterday, when NEO tested that area as a closest resistace. Now, the price is in a freefall and is getting closer to the lows from the end of the last year. Chances that we will get there are quite high

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By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.